The Aztec Fund Holding, Inc. is a private equity commercial real estate investment group that filed Chapter 11 on August 5, 2024 in the Southern District of Texas (Case No. 24-90436) before Judge Christopher M. Lopez. The company owned and operated a portfolio of four office buildings (~630,000 sq ft) and one undeveloped parcel across Texas, Virginia, Maryland, Georgia, and Colorado. The portfolio carried approximately $114.3 million in secured debt to Bank of America and ~$54.8 million in unsecured claims from Aztec Fund Trusts and Fenicia International. Distress resulted from COVID-era remote work reducing office demand, significant tenant departures (DTC property fell to 35% occupancy), and rising floating-rate debt costs. A required $7 million equity infusion failed, triggering defaults. No DIP financing was obtained; the case proceeded on cash collateral with Bank of America. The DTC property sold to Valley Equity Group for $4.525 million in November 2024. The Plan of Liquidation was confirmed June 13, 2025, with effective date June 30, 2025 after remaining property sales closed. Bank of America secured claims were satisfied by sale proceeds or credit bid. Unsecured creditors received 0% or de minimis recoveries, with TAF Holdco unsecured claims receiving <1% from Westway Equity auction proceeds. Most equity interests were cancelled with 0% recovery; only TAF Land equity received 100% recovery as unimpaired.
